Homeowners Insurance in Greenwood, South Carolina (2024)

Given its western location in the Palmetto State, Greenwood doesn’t face the looming direct threat of hurricanes as its coastline counterparts. But tornadoes, hail and water damage are imminent. That’s why all residents need to invest in homeowners insurance.

Since the threat of heavy-weather hurricanes isn’t as prominent in Greenwood, that mitigation reflects in the average cost of homeowners insurance in Greenwood. It’s much more affordable than South Carolina’s coastal cities, and even a tad bit cheaper than the larger cities surrounding it. Let’s take a deep dive into what you can expect to pay for premiums.

The average cost of homeowners insurance in Greenwood is about $2,032 for a $200,000 house and $3,212 for a $350,000 house. That’s right on par with the price of a standard policy in South Carolina, and much more affordable than those hurricane-prone cities along the coastline.

Every insurance company that writes more than $1 million in premiums is required to submit their prices to the South Carolina Department of Insurance. And we want to be as transparent as possible, and to help you end your search for affordable home insurance quicker.

So we compiled all the numbers, dissected them in a huge spreadsheet and aligned them neatly so you can get a better sense of what you can expect to pay. The numbers represent homes worth $200,000 and $350,000 that are made of either masonry (brick or concrete) or frame (wood).

To get the most accurate representation of numbers, the averages we’ve compiled are also based on policyholders with average credit and who haven’t filed a home insurance claim in at least 5 years. Let’s take a deeper dive into those numbers.

The rates in this article are sourced from the South Carolina Department of Insurance. The top 25 insurer groups by national premium volume were required to submit their annual rates, while other companies opted to do so voluntarily. The sample rates are for a homeowner with no insurance claims in the past five years and an average credit score.

As you can see from above (and below once you get there), the most affordable homeowners insurance in Greenville, South Carolina comes from Universal Property & Casualty (UPCIC) and Travelers — two of our amazing partners. Both companies come in at less than $1,000 in premiums per year. And, depending on the year and construction type of your home, you could pay much less.

Masonry homes are less susceptible to sustaining damage because the brick or concrete holds up better to harsh weather. And homes that were built less than 35 years ago may have stricter building codes in place, and assuredly have newer HVAC, plumbing and electrical systems.

So homeowners who fall in that sweet spot category can expect to pay, on average, $580 for a policy from UPCIC and $820 for a policy from Travelers — more than 50% less than what you can expect to pay from any other major insurer in the town. Let’s take a deeper look at a breakdown of the average prices.

In comparison, prices are just as affordable for $350,000 houses in Greenwood as they are for $200,000 homes. And the leaders in the town are still UPCIC and Travelers, tipping the scale at an average price of $1,069 and $1,310 for homes that are less than 35 years old or $1,230 and $1,549 for homes that were constructed more than 35 years ago.

Homes constructed more than 35 years ago are more expensive to insure because of the inherent risk that major systems in the home may be outdated. They’re also more susceptible to damage from windstorms and other natural disasters due to wear and tear over time.

But even if you fall into that category of homeowners with a house that’s more than 35 years old, that doesn’t mean you’ll pay an arm and a leg for homeowners insurance. Just take a look at the extensive breakdown of premium prices we compiled.

Greenwood home insurance covers your house, property, belongings and finances from a multitude of perils that can cause damage. While the most common perils include fire, water and natural disasters, they can also be things like dog bites and accidental damage caused by you to someone else’s property. Let’s take a look at the things that are covered from those perils.

This coverage helps you protect the bits and pieces that make up the structure of your home. This includes things like your foundation, floors, walls, windows, roof, HVAC system, electrical wiring, and more. It may also be called Coverage A. 

This coverage can be used to repair or replace certain structures on your property that aren’t attached to your main home. It may include coverage for things like your pool, shed, fence, detached garage, and more. It’s also referred to as Coverage B. 

This coverage, sometimes called Coverage C, can help you protect a long list of items you store on your property if they’re stolen or damaged by a covered peril on your policy. It can help you repair or replace things like tools, sports equipment, electronics, clothing, furniture, jewelry, and the list goes on. 

It’s important to note, though, that collections of things like jewelry, collectibles, or other high-value items should be scheduled onto your policy to ensure they’re fully protected. 

Loss of use coverage, or Coverage D, can help you and your family if your home suffers major damage from a covered peril, temporarily displacing you. It may help you cover expenses for pet boarding, temporary housing, storage fees, gasoline, and other necessities. 

This coverage, sometimes also called Coverage E, can help you if you’re found liable for a guest’s injuries on your property or damage to someone else’s property. It can help you cover medical expenses and legal fees. 

Medical payments coverage, or Coverage F, can help you cover the cost of a guest’s medical bills for a minor injury they sustained on your property. It’s similar to personal liability coverage but can be invoked regardless of fault and can only be used for medical expenses, not legal fees. 

There are many factors that influence and affect the average cost of homeowners insurance in Greenwood, South Carolina. But some of the most prominent are the ones used to determine the average premiums in this article: age of home, number of claims in the last 5 years and the construction type.

A few other factors that can lead to rate increases or decreases are the amount of coverage you enroll in and the deductible you choose. The more you increase your coverage, the more you’ll be covered for and the more expensive it will be to obtain coverage.

Deductibles work in an adverse reaction, though. If you increase your deductible, which is the amount of money you’re required to pay out of pocket for a claim before your insurance kicks in, you’ll pay less for insurance because you’ll pay more out of pocket if you file a claim. If you decrease your deductible, your insurer will factor in the risk of having to pay more for a claim, so you’ll pay more in premiums.

Due to South Carolina’s lowland elevation and abundance of water, including the Hard Labor Creek and Brightman’s Creek that run through Greenwood, the risk of flooding is major. That’s why every homeowner needs to invest in a South Carolina flood insurance policy.

The majority of Greenwood lies in the A and AE flood zones, which means nearly every home in the entire town is at a high risk of sustaining flood damage at least once during the life of their mortgage. Since the average flood claim causes $25,000 worth of damage, it’s better to invest a few hundred dollars a year into a flood insurance policy to help you when you need it.

With Clovered’s easy-to-use online quoting tool, getting a home insurance quote takes just a few minutes. Just fill in a few details about your home, answer a couple of questions and let our quoting engine do the rest.

We’re always here to help. If you’d rather speak to a licensed agent on the phone, just call 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. Or you can email us anytime at [email protected].